NASSAU, BAHAMAS — Minister of Economic Affairs Michael Halkitis revealed Tuesday afternoon that government, after being removed from the European Union’s Blacklist today, is petitioning alongside African nations to be regulated by the United Nations, as opposed to international economic watchdogs the European Union (EU) and the Organization for Economic Co-operation and Development(OECD).
Minister Halkitis said government worked tirelessly over the last year to become compliant with regulations implemented by the EU and OECD.
“The Bahamas’ official removal from the Annex 1 of the European Union’s (“EU”) list of non-cooperative jurisdictions for tax purposes follows the publishing of the adopted conclusions of the Economic and Financial Affairs Council of the European Union today,” he said.
“The removal of The Bahamas from the EU’s list clearly underscores the significant progress made over the past year by The Bahamas in addressing the concerns identified by the OECD’s Forum on Harmful Tax Practices (“FHTP”) and the EU last year.”
Minister Halkitis told media Tuesday afternoon that while the government will work to remain off of the blacklist, there is also an additional effort underway to have The Bahamas’ economic regime overseen by the United Nations.
The idea was orchestrated by a group of African countries, and The Bahamas is minded to join their thrust, Halkitis noted.
To this end, Attorney General Ryan Pinder, during a presentation made at the Organizational Session before the Ad Hoc Tax Committee today, stated The Bahamas’ position to be axed from the EU & OECD’s watchful grip.
“For over six decades, the international tax policies as formulated and dictated by the OECD neglected or failed to address the inherent challenges and the differences in development dynamics faced by the Global South,” he stated.
“Developing countries like The Bahamas have grappled with the disequilibrium of the international financial architecture, coupled with inconsistent, biased, and contradictory tax policies, which have stifled development and growth, and undermined the integrity of principles of international humanitarian law.”
He continued: “It is clear that if we are to achieve the Sustainable Development Goals, we must have the political will to build systems that are inclusive, diverse, and equitable. Our aim is to achieve the development of robust draft terms of reference for a United Nations framework convention on international tax cooperation that adequately addresses the inherent constraints and development approaches of the Global South and Small Island Developing States like The Bahamas.”
The AG thanked the African Group for the substance and advocacy that led to the adoption of the General Assembly Resolution 78/230, which ultimately led to the monumental convening today.
